By Joe Hoppe
Bacanora Lithium PLC said Thursday that it has requested the London Stock Exchange to cancel the admission of its shares to trade on the AIM, as Ganfeng Lithium Co.’s takeover offer for the company has become unconditional.
The cancellation is expected to take effect on Jan. 26.
Ganfeng informed Bacanora earlier that it has now received valid acceptances for its 284.8 million-pound ($380.3 million) offer, which represents more than 75% of the U.K.-based lithium producer’s share capital, Bacanora said.
Bacanora has strongly recommended its outstanding shareholders to accept the deal and sell shares to the Chinese lithium giant.
On Aug. 25, Ganfeng increased its offer to 73.6 pence a Bacanora share in cash and shares in Zinnwald Lithium PLC, in which Bacanora has a minority stake. This compares with its previous offer of 67.5 pence a share in cash.
Under the upgraded offer, shareholders in Bacanora will be entitled to receive 67.5 pence in cash and a distribution of Bacanora’s stake in Zinnwald at a ratio of 0.23589 Zinnwald shares for each Bacanora share.
Shares at 1249 GMT were up 0.25 pence, or 0.4% at 67.25 pence.
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(END) Dow Jones Newswires
December 23, 2021 08:13 ET (13:13 GMT)
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